Record level for Norwegian exports excluding oil and gas in 2024
In 2024, exports excluding oil and gas reached an all-time high, valued at around NOK 1,300 billion. Exports excluding oil and gas stood out, with substantial growth of almost 6 per cent at constant prices. Although this was a strong year by Norwegian standards, exports as a share of GDP remain below the EU average. Norway exported goods and services worth around NOK 2,500 billion in total. Commodity-based industries such as oil and gas, seafood and energy-intensive manufacturing dominate.
Europe is Norway's largest export market
The EU/EEA is Norway's most important trading partner, and more than 60 per cent of all Norwegian exports go to the EU. In 2024, Norway exported goods and services worth more than NOK 1,500 billion to EU/EEA countries. Excluding oil and gas, Norway's largest export industries to the EU are the maritime and offshore sectors, energy-intensive industry and the seafood industry.
Norway exported goods and services worth a total of NOK 135 billion to the US, its most important market outside Europe. The maritime industry and offshore suppliers have the highest share of exports to the US, at 15 per cent. Norwegian shipping companies alone exported shipping services worth NOK 30 billion to the US in 2024.
–'The European market is vital to Norwegian exports, but we must not underestimate other important markets. Our exports to the US may seem small overall, but when we look at goods exports excluding oil and gas, the figure is actually 8%. We are working on several US-focused initiatives in health technology, offshore wind and manufacturing, so it is highly relevant for us to monitor developments in tariff barriers affecting access to the US market,' says our CEO, Håkon Haugli.
In 2024, Norway exported goods and services worth NOK 61 billion to China. Most sectors of Norway's export industry have limited dependence on China. The health industry has the highest share of exports to China at 16 per cent, while the figure for all other sectors is 6 per cent or less.
Goods exports are dominated by raw materials
Despite record levels, Norway exports less than other European countries. In 2024, Norwegian exports of goods and services accounted for 48 per cent of gross domestic product (GDP). By comparison, the EU average was 51 per cent, while Denmark's figure was 70 per cent. Excluding oil and gas, Norway's export share falls to just 32 per cent. Norwegian exports are dominated by commodity-based industries such as oil and gas, seafood and metal production.
'Norway’s exports are lower than those of our neighbouring countries and far less complex. We must recognise that goods exports have long been dominated by raw materials and that the transition of Norway’s economy is urgent. The significant growth in exports from industries other than oil and gas is an encouraging development that must continue if Norway is to diversify its economy,' says Tone Lunde Bakker, CEO of Eksfin.
Nearly on track to achieve the target of a 50 per cent increase in exports by 2030
In 2021, the Norwegian government set a target to increase exports excluding oil and gas by 50 per cent by 2030. To meet this target, mainland exports must grow by just over 5 per cent annually at current prices from 2022 to 2030. Following 4.4 per cent growth in mainland exports in 2024 and strong growth in 2023, Norway is now close to the growth trajectory required to meet the 2030 target, measured in current NOK.
Møre og Romsdal, Vestland, Nordland, Rogaland and Telemark have the highest exports per employee
Three of Norway's four largest export counties are in Western Norway. Together, Vestland, Rogaland and Møre og Romsdal account for around 40 per cent of total exports excluding oil and gas. In 2024, the three counties with the highest exports per employee were Møre og Romsdal, Vestland and Nordland. Møre og Romsdal recorded exports of more than NOK 750,000 per employee and has had the highest exports per employee since the Export Report was first published in 2021.
Exports support 640,000 jobs – one in five jobs
Exports support employment across Norway, both in the export industries themselves and among their suppliers and subcontractors. In 2024, exports supported 640,000 jobs – one in five jobs in Norway.
–'Exports support jobs across the country. Our most important task going forward will be to connect these export businesses and high growth companies with the right markets,' says Haugli.